SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-K/A
Amendment No.1
(Mark One)
/ x / ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 1998 or
/ / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission File No.: 333-19779-01
LIFE FINANCIAL HOME LOAN OWNER TRUST
Mortgage Pass-Through Certificates
Series 1998-1 Trust
(Exact name of registrant as specified in its charter)
New York 52-2128036, 52-2128037
(State or other jurisdiction (I.R.S. Employer
of incorporation or Identification No.)
organization)
c/o Norwest Bank Minnesota, N.A.
11000 Broken Land Parkway
Columbia, Maryland 21044
(Address of principal executive offices) (ZIP Code)
Registrant's telephone number, including area code:
(410) 884-2000
Securities to be registered pursuant to Section 12(b)
of the Act:
NONE
Securities to be registered pursuant to Section 12(g)
of the Act:
NONE
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the registrant was required to
file such reports), and (2) has been subject to such filing
requirements for the past 90 days.
Yes X No ___
This Amendment No. 1 on Form 10-K/A amends Item 14 of the original Annual Report
on Form 10-K (the "Original Form 10-K") filed on March 25, 1999, on behalf of
LIFE FINANCIAL HOME LOAN OWNER TRUST Mortgage Pass-Through Certificates Series
1998-1 Trust established pursuant to a Pooling and Servicing Agreement among
MORGAN STANLEY ABS CAPITAL I INC. (Depositor), LIFE BANK (Servicer), LIFE
INVESTMENT HOLDINGS, INC. (Transferor), and NORWEST BANK MINNESOTA, NATIONAL
ASSOCIATION (Trustee), pursuant to which the LIFE FINANCIAL HOME LOAN OWNER
TRUST Mortgage Pass-Through Certificates Series 1998-1 Trust Trust registered
under the Securities Act of 1933 (the "Certificates") were issued.
Item 14 of the Original Form 10-K is amended to read in its entirety as follows:
Item 14. Exhibits, Financial Statement Schedules, and Reports
on Form 8-K.
(a) Exhibits
(99.1) Annual Independent Accountants' Servicing
Reports concerning servicing activities for
the year ended December 31, 1998.
a) Life Savings <F1>
(99.2) Report of Management as to Compliance with
Minimum Servicing Standards for the year
ended December 31, 1998.
a) Life Savings <F1>
(99.3) Annual Statements of Compliance under the
Pooling and Servicing Agreements for the
year ended December 31, 1998.
a) Life Savings <F1>
(99.4) Aggregate Statement of Principal and
Interest Distributions to Certificate
Holders.<F2>
(b) On November 9, 1998, and December 14, 1998,
reports on Form 8-K were filed
by the Company in order to provide the
statements for the monthly distributions to
holders of the Certificates. No other reports on
Form 8-K have been filed during the last quarter
of the period covered by this report.
(c) Not applicable.
(d) Omitted.
<F1> Filed herewith.
<F2> Previously filed.
SIGNATURE
Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned,
thereunto duly authorized:
LIFE FINANCIAL HOME LOAN OWNER TRUST
Mortgage Pass-Through Certificates
Series 1998-1 Trust
Signed: Norwest Bank Minnesota, N.A., as Indenture Trustee
By: Sherri J. Sharps, Vice President
By: /s/ Sherri J. Sharps, Vice President
Dated: December 22, 1999
Exhibits
Exhibit No.
99.1 Annual Independent Accountants' Servicing Reports concerning servicing
activities for the year ended December 31, 1998.
a) Life Savings <F1>
99.2 Report of Management as to Compliance with Minimum Servicing Standards for
the year ended December 31, 1998.
a) Life Savings <F1>
99.3 Annual Statements of Compliance under the Pooling and Servicing Agreements
for the year ended December 31, 1998.
a) Life Savings <F1>
99.4 Aggregate Statement of Principal and Interest Distributions to Certificate
Holders.<F2>
<F1> Filed herewith.
<F2> Previously filed.
Deloitte & Touch
(logo)
INDEPENDENT ACCOUNTANTS' REPORT
Deloitte & Touche LLP
Suite 1200
695 Town Center Drive
Costa Mesa, California 92626-1924
Telephone: (714) 436-7100
Facsimile: (714) 436-7200
To LIFE Financial Corporation:
We have examined management's assertion about LIFE Financial Corporation's
compliance with the minimum servicing standards identified in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers (USAP) as of and for the year ended December 31, 1998, included in the
accompanying management assertion. Management is responsible for LIFE Financial
Corporation's compliance with those minimum servicing standards. Our
responsibility, is to express an opinion on management's assertion about the
entity's compliance based on our examination.
Our examination was made in accordance with standards established by the
American Institute of Certified Public Accountants and, accordingly, included
examining, on a test basis, evidence about LIFE Financial Corporation's
compliance with the minimum servicing standards and performing such other
procedures as we considered necessary in the circumstances. We believe that our
examination provides a reasonable basis for our opinion. Our examination does
not provide a legal determination on LIFE Financial Corporation's compliance
with the minimum servicing standards.
In our opinion, management's assertion that LIFE Financial Corporation complied
with the aforementioned minimum servicing standards as of and for the year ended
December 31. 1998, is fairly stated, in all material respects.
March 26, 1999
DeloitteTouche Tohmatsu
(LOGO)
LIFE
February 27.1998
As of and for the year ended December 31, 1997. LIFE Financial Corporation has
complied in all material respects with the minimum servicing standards set forth
in the Mortgage Bankers Association of America's Uniform Single Attestation
Program for Mortgage Bankers. As of and for this same period, LIFE Financial
Corporation had in effect a fidelity bond in the amount of $2,000,000 and errors
and omissions policy in the amount of $1,000,000.
Daniel L. Perl
President and Chief Executive Officer
L. Bruce Mills
Executive Vice President and
Chief Financial Officer
Steven Sandoval
Vice President
Life Financial Corporation
10540 Magnolia Ave., Suite B, Riverside, GA 92505-1814
(888) 388-5433
(909) 637-4000
Fax (909) 637-4416
(LOGO)
LIFE
ANNUAL OFFICER'S CERTIFICATE
March 31, 1998
I, DANIEL L. PERL, Chairman, President and CEO of Life Bank (the "Servicer"),
pursuant to the provisions of the Section Servicing Agreement dated September 1,
1997, (the "Agreement"), by and among Norwest Bank, Minnesota, Life Financial
Home Loan Owner Trust 1997-2 and the Servicer, do hereby certify as follows:
(i)
the Servicer has fully complied with the provisions of the Agreement
(ii)
a review of activities of the Servicer during the preceding year and of the
Servicer's performance under the Agreement has been made under my supervision;
and
(iii)
to the best of my knowledge, based on the review referred to in (ii) above, the
Servicer has fulfilled all of its obligations, duties and responsibilities under
the Agreement throughout the preceding quarterly period, and unless otherwise
specified on Schedule I hereto, no Servicer Default exists.
Capitalized terms used but not otherwise defined herein shall have
meanings ascribed to such terms in the Agreement.
IN WITNESS WHEREOF, I have executed this certificate this 31st day of March
1998.
SERVICER:
By:
Daniel L. Perl
Chairman, President & CEO
Life Bank
A Life Financial Company 10540 Magnolia Ave., Suite B, Riverside
CA 92505-1814 (888) 388-5433
(909) 637-4000
